浙江东方：2021年后LP结构发生较大变化，政府出资比例显著上升

Core Viewpoint - Zhejiang Dongfang (600120) has experienced a significant shift in its fund sourcing structure, with a notable increase in government contributions post-2021 [1] Fund Sourcing Structure - Before 2021, the fund sourcing comprised approximately 30%-40% market-based funds, primarily from high-net-worth individuals and some industrial capital, including listed companies [1] - The group typically contributed as a cornerstone investor, accounting for about 30%-40% of the fund size [1] - Local government platform contributions represented 20%-30% of the total fund size prior to 2021 [1] - After 2021, the structure changed significantly, with government contributions in newly established funds ranging from 30%-70% [1] - State-owned capital now contributes between 30%-40% in the new fund setups [1]